More recently, the katechon has been taken by Paolo Virno as the ambivalent model for the "institutions of the multitude." (6) Against the claustrophobic doublebind of the katechon, the accelerationist hypothesis
attempts to breathe again the air of the big Outside.
Hence, the view of Friedman and Phelps became known as the "accelerationist hypothesis" in some quarters.
McCallum's exercise indicates why econometric modelers found increasing evidence for the accelerationist hypothesis as the evidence from the 1970s was added.
Thus, such empirical investigations built in a particular assumption on the "accelerationist hypothesis" that differed from the earlier research following Phillips, but continued to study many similar questions.
To put the excerpt in context, Tobin's review described the accelerationist hypothesis as having been a core part of macroeconomics for the better part of the previous decade.
If the accelerationist hypothesis is violated--which we consider especially likely when inflation is initially low the returns to stabilization policy may be quite high.
Indeed, the most persuasive critique of Lucas's case against stabilization policy comes if the accelerationist hypothesis is violated.
In our view, the evidence from such episodes is grossly inconsistent with the traditional accelerationist hypothesis enshrined in modern macroeconomics textbooks.
Our theorem suggests that a natural way to test the generality of the adaptive-expectations accelerationist hypothesis is to examine data on inflation during periods with prolonged high unemployment.
The behavior of inflation, as measured by the change in the core CPI since the beginning of the respective downturn, is again largely inconsistent with the adaptive expectations accelerationist hypothesis. Two countries-France and Sweden--exhibit a pattern of almost monotonically declining inflation and cumulatively declining n-period inflation, consistent with the accelerationist hypothesis.
The data in Figure 5 support the interpretation that downward nominal wage rigidity is to blame for the breakdown of the adaptive-expectations accelerationist hypothesis. Figure 5 presents data on various measures of wage inflation during the 1990s recessions for those countries for which the OECD maintains a wage series.
data by testing restrictions that the accelerationist hypothesis places on inflation dynamics.